What is 4x2?
4x2, pronounced 4 by 2, is a slang name for a Jew. Not sure if its 'official' Cockney rhyming slang, but it does rhyme. Also sometimes just the 4 is used, as again in Cockney rhyming slang the phrase can be shortened to just the first word.
"Typical tight-fisted 4x2"
"Of course he didn't get a round in, he's a 4!"
A vehicle with four wheels, of which two deliver driving power, such as a rear-wheel-drive pickup truck.
Joe's 4x2 has less off-road capability than Jim's 4x4, but gets better mileage.
2 less than 4x4, see Todd Ekonen for more details
Todd knows what the 4 in 4x2 means.